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US equities rebounded in the previous session
Information is not investment advice
Ichimoku Kinko Hyo
GBP/JPY: The GBP/JPY pair is now trading within the Kumo. Further bearish sentiment will push prices below the cloud, targeting fresh lows. Alternatively, an upward wave would lead the exchange rate to test the upper level of the Kumo. If the pair manages to withstand the sellers’ pressure, it will exit the cloud. The next resistance is seen at the previous peak.
The International Monetary Fund (IMF) adjusted its expectations to global growth this year to 3.6% from 4.5% in January as the war in Ukraine has changed the outlook on the global economy. Particularly the growth outlook in Europe has been hit hard and the Ukrainian economy is expected to shrink by almost 35% this year. Geographic regions expected to grow faster than in January are Latin America and countries in the Middle East.
US equities rebounded on Tuesday but Europe a touch lower after the long holiday. Commodities pulled back and yields moved even higher. Intuitively, this triggered a rotation into value cyclicals in Europe. However, in the US: Real estate, communication services and tech were beating the tape, despite the US 10y yield approaching 3%.
In the FX space, EURUSD moved briefly above 1.08 on Tuesday but ended the day lower. Lower oil prices pushed the cross higher but rising US yields dominated which is a USD positive. Higher US yields also pushed USDJPY closer to 129. USDJPY moved all the way to 129.40 however currently is trading at around 128.50.
Futures for Canada's main stock index rose on Monday, following positive global markets and gains in crude oil prices. First Citizens BancShares Inc's announcement of purchasing the loans and deposits of failed Silicon Valley Bank also boosted investor confidence in the global financial system...
Investor confidence in the global financial system has been shaken by the collapse of Silicon Valley Bank and Credit Suisse. As a result, many are turning to bearer assets, such as gold and bitcoin, to store value outside of the system without...
Greetings, fellow forex traders! Exciting news for those with an eye on the Australian market - the upcoming interest rate decision could be good news for Aussies looking to refinance or take out new loans. The Mortgage and Finance Association Australia CEO, Anja Pannek, has...
Hold onto your hats, folks! The Japanese yen took a nosedive after the Bank of Japan (BOJ) left its ultra-loose policy settings unchanged, including its closely watched yield curve control (YCC) policy. But wait, there's more! The BOJ also removed its forward guidance, which had previously pledged to keep interest rates at current or lower levels. So, what's the scoop? Market expectations had been subdued going into the meeting, but some were still hoping for tweaks to the forward guidance to prepare for an eventual exit from the bank's massive stimulus